Logistics Market

Global Logistics Market

As stated in our extensive report, the Global Logistics Market accounted for USD 261.5 Billion in the year 2022 and is projected to reach a value of USD 570.9 Billion by 2030.

The demand for effective Logistics services is rapidly expanding along with the e-commerce industry. The market is also being driven by consumers evolving and made available through online retail channels, assisting the market’s expansion. In addition, the manufacturers are concentrating on implementing eco-friendly logistical solutions to lessen their influence on the environment and raise the green standing of their companies. Besides this, they provide Logistics monitoring solutions that have been incorporated with cutting-edge technologies like blockchain, augmented reality, artificial intelligence, and the Internet of Things (IoT). These systems monitor real-time data and proactively warn about product delivery, transportation, and warehouse management.

The need for Logistics is being sparked by a significant increase in globalization and the expansion of trade agreements among various nations to meet the expanding demands of importers and exporters. In addition, the booming pharmaceutical, food, and beverage (F&B) and e-commerce industries also contribute to the market’s expansion. To a growing number of merchants and businesses worldwide, Logistics management is essential. Furthermore, effective Logistics management increases a company’s ability to compete based on quality, cost, flexibility, and delivery. These factors have caused businesses to focus on improving their Logistics operations.

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Factors Influencing Global Logistics Market Growth

The growth of the global Logistics market can be attributable to the following:

1. One of the key factors positively affecting the market is the booming e-commerce industry and the rising availability of high-speed network access.
2. The key industry drivers, including the expanding retail sector, rising disposable incomes, quick urbanization, and growing technology advancements, are anticipated to support market expansion.
3. Roadways are in the lead in the transportation mode segment. A significant factor boosting the growth of the roadway mode of transportation is the enhancement in road connectivity throughout all industrialized countries and developing countries.
4. The market is significantly impacted by enterprises’ need for more control over Logistics, weak infrastructure, and increasing costs for Logistics services.
5. In terms of revenue, the Asia Pacific region now dominates the industry. For the major participants in the global Logistics industry, however, Europe, Asia Pacific, and North America region are anticipated to offer greater commercial prospects.

Asia Pacific Region to Lead the Market

In 2022, Asia Pacific had the highest revenue. A sizable customer base is in the area, and people there have adopted e-commerce platforms significantly. Leading product exporters that comprise a sizeable portion of global retail e-commerce revenues include China, Japan, Australia, and India. As a result, the region’s bright potential for e-commerce growth is the main force behind regional market progress. Furthermore, an increasing emphasis on transportation strategies and continuous Logistics infrastructure improvements in emerging nations are anticipated to boost regional market expansion. For instance, as part of the Indian government’s Logistics Efficiency Improvement Program, the Ministry of Road Transport & Highways (MORTH) is creating multimodal Logistics parks to address the country’s undeveloped road and material handling infrastructure (LEEP).

Conclusion

The growing demand for commerce enablement, supply chain solutions, and transformation management augmenting Logistics sales.

Some of the key players in the Global Logistics Market include – MOLLER – MAERSK (Denmark), H. Robinson Worldwide Inc. (U.S.), DB SCHENKER (Deutsche Bahn Group (DB Group)) (Germany), Deutsche Post AG (DHL Group) (Germany), DSV (DSV Panalpina) (Denmark) and others.